Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Jun. 30, 2014 | Jul. 25, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'TRIMAS CORP | ' |
Entity Central Index Key | '0000842633 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 45,259,060 |
Consolidated_Balance_Sheet_Sta
Consolidated Balance Sheet Statement (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $38,380 | $27,000 |
Receivables, net of reserves | 246,340 | 180,210 |
Inventories | 260,950 | 270,690 |
Deferred income taxes | 18,340 | 18,340 |
Prepaid expenses and other current assets | 18,780 | 18,770 |
Total current assets | 582,790 | 515,010 |
Property and equipment, net | 212,130 | 206,150 |
Goodwill | 312,270 | 309,660 |
Other intangibles, net | 209,910 | 219,530 |
Other assets | 47,540 | 50,430 |
Total assets | 1,364,640 | 1,300,780 |
Current liabilities: | ' | ' |
Current maturities, long-term debt | 14,570 | 10,290 |
Accounts payable | 175,300 | 166,090 |
Accrued liabilities | 79,440 | 85,130 |
Total current liabilities | 269,310 | 261,510 |
Long-term debt | 353,910 | 295,450 |
Deferred income taxes | 54,180 | 64,940 |
Other long-term liabilities | 100,980 | 99,990 |
Total liabilities | 778,380 | 721,890 |
Redeemable noncontrolling interest | 0 | 29,480 |
Preferred stock $0.01 par: Authorized 100,000,000 shares; Issued and outstanding: None | 0 | 0 |
Common stock, $0.01 par: Authorized 400,000,000 shares; Issued and outstanding: 45,227,584 shares at March 31, 2014 and 45,003,214 shares at December 31, 2013 | 450 | 450 |
Paid-in capital | 803,540 | 816,450 |
Accumulated deficit | -250,550 | -295,320 |
Accumulated other comprehensive income | 32,820 | 27,830 |
Total shareholders' equity | 586,260 | 549,410 |
Total liabilities and shareholders' equity | $1,364,640 | $1,300,780 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet Parentheticals (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Receivables, reserves (in dollars) | $4.60 | $3.60 |
Stockholders' Equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, Authorized shares | 100,000,000 | 100,000,000 |
Preferred stock, Issued Shares | 0 | 0 |
Preferred stock, outstanding Shares | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, Authorized shares | 400,000,000 | 400,000,000 |
Common Stock, Issued Shares | 45,259,060 | 45,003,214 |
Common Stock, outstanding Shares | 45,259,060 | 45,003,214 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income Statement (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales | $403,980 | $378,030 | $771,720 | $715,810 |
Cost of sales | -294,220 | -274,720 | -565,380 | -529,100 |
Gross profit | 109,760 | 103,310 | 206,340 | 186,710 |
Selling, general and administrative expenses | -65,720 | -61,670 | -129,710 | -121,330 |
Operating profit | 44,040 | 41,640 | 76,630 | 65,380 |
Other expense, net: | ' | ' | ' | ' |
Interest expense | -3,440 | -5,540 | -6,910 | -10,750 |
Other expense, net | -1,910 | 300 | -2,930 | -1,930 |
Other expense, net | -5,350 | -5,240 | -9,840 | -12,680 |
Income before income tax expense | 38,690 | 36,400 | 66,790 | 52,700 |
Income tax expense | -12,490 | -9,300 | -21,210 | -11,560 |
Income from continuing operations | 26,200 | 27,100 | 45,580 | 41,140 |
Income from discontinued operations, net of income taxes | 0 | 700 | 0 | 700 |
Net Income | 26,200 | 27,800 | 45,580 | 41,840 |
Net income attributable to redeemable noncontrolling interests | 0 | 910 | 810 | 1,770 |
Net income attributable to TriMas Corporation | $26,200 | $26,890 | $44,770 | $40,070 |
Basic earnings per share attributable to TriMas Corporation: | ' | ' | ' | ' |
Continuing operations | $0.58 | $0.66 | $1 | $1 |
Discontinued operations | $0 | $0.02 | $0 | $0.02 |
Net income per share | $0.58 | $0.68 | $1 | $1.02 |
Weighted average common sharesbbasic | 44,901,090 | 39,425,471 | 44,834,842 | 39,330,125 |
Diluted earnings per share attributable to TriMas Corporation: | ' | ' | ' | ' |
Continuing operations | $0.58 | $0.65 | $0.99 | $0.99 |
Discontinued operations | $0 | $0.02 | $0 | $0.02 |
Net income per share | $0.58 | $0.67 | $0.99 | $1.01 |
Weighted average common sharesbdiluted | 45,230,862 | 39,886,593 | 45,208,488 | 39,790,349 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net Income | $26,200 | $27,800 | $45,580 | $41,840 |
Other comprehensive income | ' | ' | ' | ' |
Amortization of defined benefit plan deferred losses, net of tax | 170 | 190 | 350 | 390 |
Foreign currency translation | 2,980 | -8,470 | 4,860 | -10,610 |
Net changes in unrealized gain (loss) on derivative instruments, net of tax | -530 | 4,070 | -220 | 4,750 |
Total other comprehensive income (loss) | 2,620 | -4,210 | 4,990 | -5,470 |
Total comprehensive income | 28,820 | 23,590 | 50,570 | 36,370 |
Net Income Attributable to Redeemable Noncontrolling Interest | 0 | 910 | 810 | 1,770 |
Total comprehensive income attributable to TriMas Corporation | $28,820 | $22,680 | $49,760 | $34,600 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income Parentheticals (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statement of Comprehensive Income | ' | ' | ' | ' |
Amortization of defined benefit plan deferred losses, tax | $80 | $100 | $160 | $200 |
Amortization of unrealized gain (loss) on derivative instruments, tax | $300 | $2,500 | $200 | $2,900 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows Statement (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net Income | $45,580 | $41,840 |
Adjustments to reconcile net income to net cash used for operating activities, net of acquisition impact: | ' | ' |
Loss on dispositions of property and equipment | 240 | 10 |
Depreciation | 16,320 | 14,560 |
Amortization of intangible assets | 10,990 | 10,230 |
Amortization of debt issue costs | 960 | 870 |
Deferred income taxes | -2,420 | -3,470 |
Non-cash compensation expense | 4,360 | 4,750 |
Excess tax benefit from stock based compensation | -1,030 | -1,180 |
Increase in receivables | -63,500 | -54,460 |
Decrease in inventories | 11,520 | 1,320 |
(Increase) decrease in prepaid expenses and other assets | 1,250 | -2,240 |
Increase (decrease) in accounts payable and accrued liabilities | -1,880 | 2,320 |
Other, net | 600 | -1,010 |
Net cash provided by operating activities, net of acquisition impact | 22,990 | 13,540 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -20,490 | -25,920 |
Acquisition of businesses, net of cash acquired | 0 | -46,610 |
Net proceeds from disposition of assets | 240 | 700 |
Net cash used for investing activities | -20,250 | -71,830 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from borrowings on term loan facilities | 89,730 | 106,420 |
Repayments of borrowings on term loan facilities | -91,030 | -104,830 |
Proceeds from borrowings on revolving credit facilities and accounts receivable facility | 552,110 | 475,890 |
Repayments of borrowings on revolving credit facilities and accounts receivable facility | -489,310 | -418,900 |
Distributions to noncontrolling interests | -580 | -1,350 |
Payment for noncontrolling interests | -51,000 | 0 |
Proceeds from Other Financing Activities | 0 | 1,030 |
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | -2,740 | -3,760 |
Proceeds from exercise of stock options | 430 | 860 |
Excess tax benefits from stock based compensation | 1,030 | 1,180 |
Net cash provided by financing activities | 8,640 | 56,540 |
Increase for the period | 11,380 | -1,750 |
At beginning of period | 27,000 | 20,580 |
At end of period | 38,380 | 18,830 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | 5,550 | 8,280 |
Cash paid for taxes | $10,740 | $13,830 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity Statement (USD $) | Total | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands | |||||
Balances at Dec. 31, 2013 | $549,410 | $450 | $816,450 | ($295,320) | $27,830 |
Net income attributable to TriMas Corporation | 44,770 | ' | ' | 44,770 | ' |
Other comprehensive income | 4,990 | ' | ' | ' | 4,990 |
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | -2,740 | ' | -2,740 | ' | ' |
Stock option exercises and restricted stock vesting | 430 | 0 | 430 | ' | ' |
Excess tax benefits from stock based compensation | 1,030 | ' | 1,030 | ' | ' |
Non-cash compensation expense | 4,360 | ' | 4,360 | ' | ' |
Acquisition of remaining 30% interest in Arminak & Associates, LLC, net of tax | -15,990 | ' | -15,990 | ' | ' |
Balances at Jun. 30, 2014 | $586,260 | $450 | $803,540 | ($250,550) | $32,820 |
Consolidated_Statement_of_Shar1
Consolidated Statement of Shareholders' Equity Statement of Shareholder's Equity Parenthetical (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Acquisition of remaining 30% interest in Arminak & Associates, LLC, tax | $0 | $8.40 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
TriMas Corporation ("TriMas" or the "Company"), and its consolidated subsidiaries, is a global manufacturer and distributor of products for commercial, industrial and consumer markets. The Company is principally engaged in the following reportable segments with diverse products and market channels: Packaging, Energy, Aerospace & Defense, Engineered Components, Cequent Asia Pacific Europe Africa ("Cequent APEA") and Cequent Americas. See Note 13, "Segment Information," for further information on each of the Company's reportable segments. | |
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and, in the opinion of management, contain all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of financial position and results of operations. Results of operations for interim periods are not necessarily indicative of results for the full year. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2013 Annual Report on Form 10-K. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-9"). ASU 2014-9 requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-9 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption prohibited. The Company is in the process of assessing the impact of the adoption of ASU 2014-09 on its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-8, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-8"). ASU 2014-8 changes the criteria for reporting discontinued operations and requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. ASU 2014-8 is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods, and interim periods within those years, beginning on or after December 15, 2014, with early adoption permitted for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company expects to adopt ASU 2014-08 upon its required effective date. |
Facility_Closure_Restructuring
Facility Closure Restructuring and Related Activities Disclosure (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Related Activities Disclosure [Text Block] | ' |
Facility Closures | |
Goshen, Indiana facility | |
In November 2012, the Company announced plans to close its manufacturing facility in Goshen, Indiana, moving production from Goshen to lower-cost manufacturing facilities during 2013. The Company completed the move and ceased operations in Goshen during the fourth quarter of 2013. During 2013, the Company recorded charges, primarily for severance benefits for its approximately 350 union hourly workers to be involuntarily terminated, of approximately $4.0 million, of which approximately $3.8 million was recorded in the three months ended March 31, 2013 and is included in cost of sales in the accompanying consolidated statement of income. Additionally, during 2012, the Company recorded charges, primarily for severance benefits for salaried employees to be involuntarily terminated as part of the closure of approximately $1.2 million. Through June 30, 2014, the Company had paid the approximately $5.2 million of the total hourly and salaried severance benefit charges recorded. | |
In addition, during the three and six months ended June 30, 2013, the Company incurred approximately $0.4 million and $0.7 million, respectively, of pre-tax non-cash charges related to accelerated depreciation expense as a result of shortening the expected lives on certain machinery, equipment and leasehold improvement assets that the Company no longer utilizes following the facility closure. | |
São Paulo, Brazil facility | |
In June 2014, the Company announced the restructuring of its Brazilian business within the Energy reportable segment, including plans to close its manufacturing facility in São Paulo, Brazil during the third quarter of 2014. In connection with this action, the Company recorded charges of approximately $0.5 million, primarily related to severance benefits, for its approximately 60 employees to be involuntarily terminated as a result of this closure. This charge is included in cost of sales in the accompanying consolidated statement of income for the three months ended June 30, 2014. | |
The Company's manufacturing facility in São Paulo is subject to a lease agreement expiring in 2022. The Company is currently assessing the potential recoverability of its future lease obligations for this facility, and will record an estimate of any future unrecoverable lease obligations upon the cease-use date of the facility. |
Acquisitions
Acquisitions | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
Acquisitions | |||||
No acquisitions were made during the six months ended June 30, 2014. | |||||
During the first half of 2013, the Company completed acquisitions for an aggregate amount of approximately $47 million, net of cash acquired. Of these acquisitions, the most significant are as follows: | |||||
• | Martinic Engineering, Inc. ("Martinic") within the Company's Aerospace & Defense reportable segment is a manufacturer of highly-engineered, precision machined, complex parts for commercial and military aerospace applications, including auxiliary power units, as well as electrical, hydraulic and pneumatic systems located in the United States and generated approximately $13 million in revenue for the twelve months ended December 31, 2012. | ||||
• | Wulfrun Specialised Fasteners Limited ("Wulfrun") within the Company's Energy reportable segment is a manufacturer and distributor of specialty bolting and CNC machined components for use in critical oil and gas, pipeline and power generation applications located in the United Kingdom and generated approximately $10 million in revenue for the twelve months ended December 31, 2012. | ||||
• | C.P. Witter Limited ("Witter"), within the Company's Cequent APEA reportable segment, is a manufacturer of highly-engineered towbars and accessories which are distributed through a wide network of commercial dealers located in the United Kingdom, and generated approximately $20 million in revenue for the twelve months ended March 31, 2013. | ||||
The results of operations of the aforementioned acquisitions are not significant compared to the overall results of operations of the Company. | |||||
Arminak & Associates | |||||
During the first quarter of 2012, the Company acquired 70% of the membership interests of Arminak & Associates, LLC ("Arminak") for the purchase price of approximately $67.7 million, which is included in the Company's Packaging reportable segment. The original purchase agreement provided the Company an option to purchase, and Arminak's previous owners an option to sell, the remaining 30% noncontrolling interest at specified dates in the future based on a multiple of future earnings, as defined in the purchase agreement. The put and call options become exercisable during the first quarters of 2014, 2015 and 2016, and the original combination of a noncontrolling interest and a redemption feature resulted in a redeemable noncontrolling interest, which was classified outside of permanent equity on the accompanying consolidated balance sheet. | |||||
On March 11, 2014, in lieu of the put and call options in the original purchase agreement, the Company entered into a new agreement to purchase the entire 30% noncontrolling interest in Arminak for a cash purchase price of $51.0 million. The purchase agreement also includes additional contingent consideration of up to $7.0 million, with the amount to be earned based on the achievement of certain levels of 2015 financial performance. In order to estimate the fair value of the contingent consideration, the Company utilized the Monte Carlo valuation method, using variations of expected future payouts given certain significant assumptions including expected revenue and earnings growth, volatility and risk. As these assumptions are not observable in the market, the calculation represents a Level 3 fair value measurement. As of June 30, 2014, the estimated liability for the payout of contingent consideration is $3.1 million. The final contingent consideration is expected to be paid, if earned, in the second quarter of 2016. | |||||
As part of purchasing the remaining membership interest, the Company finalized the calculation of the redeemable noncontrolling interest as of March 11, 2014. Changes in the carrying amount of redeemable noncontrolling interest are summarized as follows: | |||||
Noncontrolling interest | |||||
(dollars in thousands) | |||||
Beginning balance, December 31, 2013 | $ | 29,480 | |||
Distributions to noncontrolling interests | (580 | ) | |||
Net income attributable to noncontrolling interests | 810 | ||||
Ending balance, March 11, 2014 | $ | 29,710 | |||
The difference between the cash purchase price and final redeemable noncontrolling interest as of March 11, 2014 was recorded as a reduction in paid in capital, net of tax, as included in the accompanying consolidated statement of shareholders' equity. |
Arminak_Associates
Arminak & Associates | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
Acquisitions | |||||
No acquisitions were made during the six months ended June 30, 2014. | |||||
During the first half of 2013, the Company completed acquisitions for an aggregate amount of approximately $47 million, net of cash acquired. Of these acquisitions, the most significant are as follows: | |||||
• | Martinic Engineering, Inc. ("Martinic") within the Company's Aerospace & Defense reportable segment is a manufacturer of highly-engineered, precision machined, complex parts for commercial and military aerospace applications, including auxiliary power units, as well as electrical, hydraulic and pneumatic systems located in the United States and generated approximately $13 million in revenue for the twelve months ended December 31, 2012. | ||||
• | Wulfrun Specialised Fasteners Limited ("Wulfrun") within the Company's Energy reportable segment is a manufacturer and distributor of specialty bolting and CNC machined components for use in critical oil and gas, pipeline and power generation applications located in the United Kingdom and generated approximately $10 million in revenue for the twelve months ended December 31, 2012. | ||||
• | C.P. Witter Limited ("Witter"), within the Company's Cequent APEA reportable segment, is a manufacturer of highly-engineered towbars and accessories which are distributed through a wide network of commercial dealers located in the United Kingdom, and generated approximately $20 million in revenue for the twelve months ended March 31, 2013. | ||||
The results of operations of the aforementioned acquisitions are not significant compared to the overall results of operations of the Company. | |||||
Arminak & Associates | |||||
During the first quarter of 2012, the Company acquired 70% of the membership interests of Arminak & Associates, LLC ("Arminak") for the purchase price of approximately $67.7 million, which is included in the Company's Packaging reportable segment. The original purchase agreement provided the Company an option to purchase, and Arminak's previous owners an option to sell, the remaining 30% noncontrolling interest at specified dates in the future based on a multiple of future earnings, as defined in the purchase agreement. The put and call options become exercisable during the first quarters of 2014, 2015 and 2016, and the original combination of a noncontrolling interest and a redemption feature resulted in a redeemable noncontrolling interest, which was classified outside of permanent equity on the accompanying consolidated balance sheet. | |||||
On March 11, 2014, in lieu of the put and call options in the original purchase agreement, the Company entered into a new agreement to purchase the entire 30% noncontrolling interest in Arminak for a cash purchase price of $51.0 million. The purchase agreement also includes additional contingent consideration of up to $7.0 million, with the amount to be earned based on the achievement of certain levels of 2015 financial performance. In order to estimate the fair value of the contingent consideration, the Company utilized the Monte Carlo valuation method, using variations of expected future payouts given certain significant assumptions including expected revenue and earnings growth, volatility and risk. As these assumptions are not observable in the market, the calculation represents a Level 3 fair value measurement. As of June 30, 2014, the estimated liability for the payout of contingent consideration is $3.1 million. The final contingent consideration is expected to be paid, if earned, in the second quarter of 2016. | |||||
As part of purchasing the remaining membership interest, the Company finalized the calculation of the redeemable noncontrolling interest as of March 11, 2014. Changes in the carrying amount of redeemable noncontrolling interest are summarized as follows: | |||||
Noncontrolling interest | |||||
(dollars in thousands) | |||||
Beginning balance, December 31, 2013 | $ | 29,480 | |||
Distributions to noncontrolling interests | (580 | ) | |||
Net income attributable to noncontrolling interests | 810 | ||||
Ending balance, March 11, 2014 | $ | 29,710 | |||
The difference between the cash purchase price and final redeemable noncontrolling interest as of March 11, 2014 was recorded as a reduction in paid in capital, net of tax, as included in the accompanying consolidated statement of shareholders' equity. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the six months ended June 30, 2014 are summarized as follows: | ||||||||||||||||||||||||||||
Packaging | Energy | Aerospace & Defense | Engineered Components | Cequent APEA | Cequent Americas | Total | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 158,060 | $ | 75,920 | $ | 61,080 | $ | 7,420 | $ | — | $ | 7,180 | $ | 309,660 | ||||||||||||||
Foreign currency translation and other | 540 | 1,340 | — | — | — | 730 | 2,610 | |||||||||||||||||||||
Balance, June 30, 2014 | $ | 158,600 | $ | 77,260 | $ | 61,080 | $ | 7,420 | $ | — | $ | 7,910 | $ | 312,270 | ||||||||||||||
The gross carrying amounts and accumulated amortization of the Company's other intangibles as of June 30, 2014 and December 31, 2013 are summarized below. The Company amortizes these assets over periods ranging from 1 to 30 years. | ||||||||||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||
Intangible Category by Useful Life | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||||||
   Customer relationships, 5 – 12 years | $ | 105,810 | $ | (40,730 | ) | $ | 105,090 | $ | (36,260 | ) | ||||||||||||||||||
   Customer relationships, 15 – 25 years | 154,610 | (98,310 | ) | 154,610 | (94,200 | ) | ||||||||||||||||||||||
Total customer relationships | 260,420 | (139,040 | ) | 259,700 | (130,460 | ) | ||||||||||||||||||||||
   Technology and other, 1 – 15 years | 39,060 | (30,430 | ) | 38,980 | (28,940 | ) | ||||||||||||||||||||||
   Technology and other, 17 – 30 years | 44,070 | (26,430 | ) | 43,990 | (25,310 | ) | ||||||||||||||||||||||
Total technology and other | 83,130 | (56,860 | ) | 82,970 | (54,250 | ) | ||||||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||||
 Trademark/Trade names | 62,260 | — | 61,570 | — | ||||||||||||||||||||||||
Total other intangible assets | $ | 405,810 | $ | (195,900 | ) | $ | 404,240 | $ | (184,710 | ) | ||||||||||||||||||
Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows: | ||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Technology and other, included in cost of sales | $ | 1,210 | $ | 1,210 | $ | 2,420 | $ | 2,410 | ||||||||||||||||||||
Customer relationships, included in selling, general and administrative expenses | 4,300 | 3,940 | 8,570 | 7,820 | ||||||||||||||||||||||||
Total amortization expense | $ | 5,510 | $ | 5,150 | $ | 10,990 | $ | 10,230 | ||||||||||||||||||||
Inventories
Inventories | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories consist of the following components: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Finished goods | $ | 156,910 | $ | 173,140 | |||||
Work in process | 32,390 | 31,880 | |||||||
Raw materials | 71,650 | 65,670 | |||||||
Total inventories | $ | 260,950 | $ | 270,690 | |||||
Property_and_Equipment_Net
Property and Equipment, Net | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||
Property and Equipment, Net | ' | ||||||||||||||||
Property and Equipment, Net | |||||||||||||||||
Property and equipment consists of the following components: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Land and land improvements | $ | 5,520 | $ | 5,520 | |||||||||||||
Buildings | 63,500 | 61,960 | |||||||||||||||
Machinery and equipment | 370,730 | 351,960 | |||||||||||||||
439,750 | 419,440 | ||||||||||||||||
Less: Accumulated depreciation | 227,620 | 213,290 | |||||||||||||||
Property and equipment, net | $ | 212,130 | $ | 206,150 | |||||||||||||
Depreciation expense as included in the accompanying consolidated statement of income is as follows: | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Depreciation expense, included in cost of sales | $ | 6,990 | $ | 6,410 | $ | 13,730 | $ | 12,470 | |||||||||
Depreciation expense, included in selling, general and administrative expense | 1,300 | 1,100 | 2,590 | 2,090 | |||||||||||||
Total depreciation expense | $ | 8,290 | $ | 7,510 | $ | 16,320 | $ | 14,560 | |||||||||
Longterm_Debt
Long-term Debt | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term debt | ' | ||||||||
Long-term Debt | |||||||||
The Company's long-term debt consists of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Credit Agreement | $ | 272,970 | $ | 246,130 | |||||
Receivables facility and other | 95,510 | 59,610 | |||||||
368,480 | 305,740 | ||||||||
Less: Current maturities, long-term debt | 14,570 | 10,290 | |||||||
Long-term debt | $ | 353,910 | $ | 295,450 | |||||
Credit Agreement | |||||||||
The Company is a party to a credit agreement consisting of a $575.0 million senior secured revolving credit facility, which matures in October 2018 and is subject to interest at London Interbank Offered Rates ("LIBOR") plus 1.50%, and a $175.0 million senior secured term loan A facility, which matures in October 2018 and is subject to interest at LIBOR plus 1.50% (collectively, the "Credit Agreement"). The interest rate spread is based upon the leverage ratio, as defined, as of the most recent determination date. Per the Credit Agreement, the senior secured revolving credit facility permits borrowings denominated in specific foreign currency ("Foreign Currency Loans"), subject to a $75.0 million sub limit. | |||||||||
The Credit Agreement also provides incremental term loan and/or revolving credit facility commitments in an amount not to exceed the greater of $300.0 million and an amount such that, after giving effect to such incremental commitments and the incurrence of any other indebtedness substantially simultaneously with the making of such commitments, the senior secured net leverage ratio, as defined, is no greater than 2.50 to 1.00. The terms and conditions of any incremental term loan and/or revolving credit facility commitments must be no more favorable than the existing credit facility. | |||||||||
Beginning with the fiscal year ending December 31, 2014 (payable in 2015), the Company may be required to prepay a portion of its term loan A facility in an amount equal to a percentage of the Company's excess cash flow, as defined, with such percentage based on the Company's leverage ratio, as defined. | |||||||||
The Company is also able to issue letters of credit, not to exceed $75.0 million in aggregate, against its revolving credit facility commitments. At both June 30, 2014 and December 31, 2013, the Company had letters of credit of approximately $24.1 million issued and outstanding. | |||||||||
At June 30, 2014, the Company had $102.3 million outstanding under its revolving credit facility and had $448.6 million potentially available after giving effect to approximately $24.1 million of letters of credit issued and outstanding. At December 31, 2013, the Company had $71.1 million outstanding under its revolving credit facility and had $479.8 million potentially available after giving effect to approximately $24.1 million of letters of credit issued and outstanding. However, including availability under its accounts receivable facility and after consideration of leverage restrictions contained in the Credit Agreement, the Company had $356.4 million and $360.3 million at June 30, 2014 and December 31, 2013, respectively, of borrowing capacity available for general corporate purposes. | |||||||||
The debt under the Credit Agreement is an obligation of the Company and certain of its domestic subsidiaries and is secured by substantially all of the assets of such parties. Borrowings under the $75.0 million foreign currency sub limit of the $575.0 million senior secured revolving credit facility are secured by a pledge of the assets of the foreign subsidiary borrowers that are a party to the agreement. The Credit Agreement also contains various negative and affirmative covenants and other requirements affecting the Company and its subsidiaries, including restrictions on incurrence of debt, liens, mergers, investments, loans, advances, guarantee obligations, acquisitions, assets dispositions, sale-leaseback transactions, hedging agreements, dividends and other restricted payments, transactions with affiliates, restrictive agreements and amendments to charters, bylaws, and other material documents. The terms of the Credit Agreement also require the Company and its subsidiaries to meet certain restrictive financial covenants and ratios computed quarterly, including a maximum leverage ratio (total consolidated indebtedness plus outstanding amounts under the accounts receivable securitization facility over consolidated EBITDA, as defined) and a minimum interest expense coverage ratio (consolidated EBITDA, as defined, over cash interest expense, as defined). At June 30, 2014, the Company was in compliance with its financial and other covenants contained in the Credit Agreement. | |||||||||
As of June 30, 2014 and December 31, 2013, the Company's Credit Agreement traded at approximately 99.6% and 99.8% of par value, respectively. The valuations of the Credit Agreement was determined based on Level 2 inputs under the fair value hierarchy, as defined. | |||||||||
Receivables Facility | |||||||||
The Company is a party to an accounts receivable facility through TSPC, Inc. ("TSPC"), a wholly-owned subsidiary, to sell trade accounts receivable of substantially all of the Company's domestic business operations. In April 2014, the Company amended this $105.0 million facility, reducing the usage fee on amounts outstanding previously ranging from 1.20% or 1.35%, depending on the amounts drawn under the facility, to 1.15%. The amendment also reduced the cost of the unused portion of the facility from 0.40% to 0.35% and extended the maturity date from October 12, 2017 to October 16, 2018. | |||||||||
Under this facility, TSPC, from time to time, may sell an undivided fractional ownership interest in the pool of receivables up to approximately $105.0 million to a third party multi-seller receivables funding company. The net amount financed under the facility is less than the face amount of accounts receivable by an amount that approximates the purchaser's financing costs. The cost of funds under this facility consisted of a 3-month LIBOR-based rate plus a usage fee of 1.15% and 1.20% as of June 30, 2014 and 2013, respectively, and a fee on the unused portion of the facility of 0.35% and 0.40% as of June 30, 2014 and 2013, respectively. | |||||||||
The Company had $88.9 million and $57.0 million outstanding under the facility as of June 30, 2014 and December 31, 2013, respectively, and $7.6 million and $20.2 million, respectively, available but not utilized. Aggregate costs incurred under the facility were $0.3 million and $0.4 million for the three months ended June 30, 2014 and 2013, respectively, and $0.6 million and $0.7 million for the six months ended June 30, 2014 and 2013, respectively, and are included in interest expense in the accompanying consolidated statement of income. The facility expires on October 16, 2018. | |||||||||
The cost of funds fees incurred are determined by calculating the estimated present value of the receivables sold compared to their carrying amount. The estimated present value factor is based on historical collection experience and a discount rate based on a 3-month LIBOR-based rate plus the usage fee discussed above and is computed in accordance with the terms of the securitization agreement. As of June 30, 2014, the cost of funds under the facility was based on an average liquidation period of the portfolio of approximately 1.7 months and an average discount rate of 1.6%. | |||||||||
Other Bank Debt | |||||||||
The Company's Australian subsidiary is party to a debt agreement which matures on July 31, 2014 and is secured by substantially all the assets of the subsidiary. At June 30, 2014 and December 31, 2013, the balance outstanding under this agreement was approximately $5.2 million and $0.7 million, respectively, at an average interest rate of 4.6% at each of the periods then ended. | |||||||||
In May 2014, the Company's Dutch subsidiary entered into a credit agreement consisting of a $12.5 million uncommitted working capital facility agreement which matures on May 29, 2015, is subject to interest at LIBOR plus 2.75% per annum and is guaranteed by TriMas. In addition, this Dutch subsidiary is subject to an overdraft facility in conjunction with the uncommitted working capital facility up to $1.0 million, subject to interest at U.S. dollar prime rate plus 0.75%. No amounts were outstanding on this facility as of June 30, 2014. |
Derivative_Instruments
Derivative Instruments | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Derivative Instruments | ' | |||||||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||||||||
Foreign Currency Exchange Rate Risk | ||||||||||||||||||||||||||
As of June 30, 2014, the Company was party to forward contracts to hedge changes in foreign currency exchange rates with notional amounts of approximately $18.6 million. The Company uses foreign currency forward contracts to mitigate the risk associated with fluctuations in currency rates impacting cash flows related to certain payments for contract manufacturing in its lower-cost manufacturing facilities. The foreign currency forward contracts hedge currency exposure between the Mexican peso and the U.S. dollar and the Thai baht and the Australian dollar and mature at specified monthly settlement dates through March 2015. At inception, the Company designated the foreign currency forward contracts as cash flow hedges. | ||||||||||||||||||||||||||
Interest Rate Risk | ||||||||||||||||||||||||||
In December 2012, the Company entered into an interest rate swap agreement to fix the LIBOR-based variable portion of the interest rates on its term loan A facility. The term loan A swap agreement fixes the LIBOR-based variable portion of the interest rate, beginning February 2013, on a total of $175.0 million notional amount at 0.74% and expires on October 11, 2017. At inception, the Company designated the swap agreement as a cash flow hedge. | ||||||||||||||||||||||||||
Financial Statement Presentation | ||||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows: | ||||||||||||||||||||||||||
Asset / (Liability) Derivatives | ||||||||||||||||||||||||||
Balance Sheet Caption | June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||
Interest rate swap | Other assets | $ | 1,370 | $ | 2,080 | |||||||||||||||||||||
Interest rate swap | Accrued liabilities | (450 | ) | (360 | ) | |||||||||||||||||||||
Foreign currency forward contracts | Other assets | 400 | — | |||||||||||||||||||||||
Foreign currency forward contracts | Accrued liabilities | (100 | ) | — | ||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 1,220 | $ | 1,720 | ||||||||||||||||||||||
The following tables summarize the income (loss) recognized in accumulated other comprehensive income ("AOCI"), the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||||||
Amount of Income Recognized | Amount of Income (Loss) Reclassified | |||||||||||||||||||||||||
in AOCI on Derivative | from AOCI into Earnings | |||||||||||||||||||||||||
(Effective Portion, net of tax) | Three months ended | Six months ended | ||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
As of | As of December 31, 2013 | Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||
Interest rate swap | $ | 570 | $ | 1,060 | Interest expense | $ | (250 | ) | $ | (310 | ) | $ | (490 | ) | $ | (320 | ) | |||||||||
Foreign currency forward contracts | $ | 270 | $ | — | Cost of sales | $ | 170 | $ | — | $ | 210 | $ | — | |||||||||||||
Over the next 12 months, the Company expects to reclassify approximately $0.5 million of pre-tax deferred gains from AOCI to interest expense as the related interest payments for the designated interest rate swap are funded and approximately $0.3 million of pre-tax deferred gains from AOCI to cost of sales as the intercompany inventory purchases are settled. | ||||||||||||||||||||||||||
Amount of Loss Recognized in Earnings on Derivatives | ||||||||||||||||||||||||||
Location of Loss | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||
Recognized in Earnings on | ||||||||||||||||||||||||||
Derivatives | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||
Interest rate swap | Interest expense | $ | — | $ | (140 | ) | $ | — | $ | (270 | ) | |||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||
The fair value of the Company's derivatives are estimated using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of the Company's interest rate swap and foreign currency forward contracts use observable inputs such as interest rate yield curves and forward currency exchange rates. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 are shown below.  | ||||||||||||||||||||||||||
Frequency | Asset / (Liability) | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
Interest rate swap | Recurring | $ | 920 | $ | — | $ | 920 | $ | — | |||||||||||||||||
Foreign currency forward contracts | Recurring | $ | 300 | $ | — | $ | 300 | $ | — | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
Interest rate swap | Recurring | $ | 1,720 | $ | — | $ | 1,720 | $ | — | |||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||
Asbestos | |||||||||||||||||||||
As of June 30, 2014, the Company was a party to 1,087 pending cases involving an aggregate of 7,985 claimants alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by certain of the Company's subsidiaries for use primarily in the petrochemical refining and exploration industries. The following chart summarizes the number of claimants, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, exclusive of amounts reimbursed under the Company's primary insurance, at the applicable date and for the applicable periods: | |||||||||||||||||||||
Claims | Claims filed | Claims | Claims | Average | Total defense | ||||||||||||||||
pending at | during | dismissed | settled | settlement | costs during | ||||||||||||||||
beginning of | period | during | during | amount per | period | ||||||||||||||||
period | period | period | claim during | ||||||||||||||||||
period | |||||||||||||||||||||
Fiscal Year Ended December 31, 2013 | 7,880 | 360 | 226 | 39 | $ | 8,294 | $ | 2,620,000 | |||||||||||||
Six Months Ended June 30, 2014 | 7,975 | 91 | 66 | 15 | $ | 5,217 | $ | 1,319,000 | |||||||||||||
In addition, the Company acquired various companies to distribute its products that had distributed gaskets of other manufacturers prior to acquisition. The Company believes that many of its pending cases relate to locations at which none of its gaskets were distributed or used. | |||||||||||||||||||||
The Company may be subjected to significant additional asbestos-related claims in the future, the cost of settling cases in which product identification can be made may increase, and the Company may be subjected to further claims in respect of the former activities of its acquired gasket distributors. The Company is unable to make a meaningful statement concerning the monetary claims made in the asbestos cases given that, among other things, claims may be initially made in some jurisdictions without specifying the amount sought or by simply stating the requisite or maximum permissible monetary relief, and may be amended to alter the amount sought. The large majority of claims do not specify the amount sought. Of the 7,985 claims pending at June 30, 2014, 104 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). Below is a breakdown of the amount sought for those claims seeking specific amounts: | |||||||||||||||||||||
Compensatory & Punitive | Compensatory Only | Punitive Only | |||||||||||||||||||
Range of damages sought (in millions) | $0.0 to $5.0 | $5.0 to $10.0 | $10.0+ | $0.0 to $0.6 | $0.6 to $5.0 | $5.0+ | $0.0 to $2.5 | $2.5 to $5.0 | $5.0+ | ||||||||||||
Number of claims | 76 | 15 | 13 | 28 | 56 | 20 | 95 | 8 | 1 | ||||||||||||
In addition, relatively few of the claims have reached the discovery stage and even fewer claims have gone past the discovery stage. | |||||||||||||||||||||
Total settlement costs (exclusive of defense costs) for all asbestos-related cases, some of which were filed over 20 years ago, have been approximately $6.7 million. All relief sought in the asbestos cases is monetary in nature. To date, approximately 40% of the Company's costs related to settlement and defense of asbestos litigation have been covered by its primary insurance. Effective February 14, 2006, the Company entered into a coverage-in-place agreement with its first level excess carriers regarding the coverage to be provided to the Company for asbestos-related claims when the primary insurance is exhausted. The coverage-in-place agreement makes asbestos defense costs and indemnity coverage available to the Company that might otherwise be disputed by the carriers and provides a methodology for the administration of such expenses. Nonetheless, the Company believes it is likely there will be a period within the next one or two years, prior to the commencement of coverage under this agreement and following exhaustion of the Company's primary insurance coverage, during which the Company will be solely responsible for defense costs and indemnity payments, the duration of which would be subject to the scope of damage awards and settlements paid. | |||||||||||||||||||||
Based on the settlements made to date and the number of claims dismissed or withdrawn for lack of product identification, the Company believes that the relief sought (when specified) does not bear a reasonable relationship to its potential liability. Based upon the Company's experience to date, including the trend in annual defense and settlement costs incurred to date, and other available information (including the availability of excess insurance), the Company does not believe these cases will have a material adverse effect on its financial position and results of operations or cash flows. | |||||||||||||||||||||
Ordinary Course Claims | |||||||||||||||||||||
The Company is subject to other claims and litigation in the ordinary course of business, but does not believe that any such claim or litigation will have a material adverse effect on its financial position and results of operations or cash flows. |
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
Segment Information | |||||||||||||||||
TriMas groups its operating segments into reportable segments that provide similar products and services. Each operating segment has discrete financial information evaluated regularly by the Company's chief operating decision maker in determining resource allocation and assessing performance. Within these reportable segments, there are no individual products or product families for which reported net sales accounted for more than 10% of the Company's consolidated net sales. See below for more information regarding the types of products and services provided within each reportable segment: | |||||||||||||||||
Packaging – Highly engineered closure and dispensing systems for a range of end markets, including steel and plastic industrial and consumer packaging applications. | |||||||||||||||||
Energy – Metallic and non-metallic industrial sealant products and fasteners for the petroleum refining, petrochemical and other industrial markets. | |||||||||||||||||
Aerospace & Defense – Permanent blind bolts, temporary fasteners, highly engineered specialty fasteners and other precision machined parts used in the commercial, business and military aerospace industries and military munitions components for the defense industry. | |||||||||||||||||
Engineered Components – High-pressure and low-pressure cylinders for the transportation, storage and dispensing of compressed gases, and natural gas engines, compressors, gas production equipment and chemical pumps engineered at well sites for the oil and gas industry. | |||||||||||||||||
Cequent APEA & Cequent Americas – Custom-engineered towing, trailering and electrical products including trailer couplers, winches, jacks, trailer brakes and brake control solutions, lighting accessories and roof racks for the recreational vehicle, agricultural/utility, marine, automotive and commercial trailer markets, functional vehicle accessories and cargo management solutions including vehicle hitches and receivers, sway controls, weight distribution and fifth-wheel hitches, hitch-mounted accessories and other accessory components. | |||||||||||||||||
Segment activity is as follows: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Net Sales | |||||||||||||||||
Packaging | $ | 86,250 | $ | 78,640 | $ | 167,680 | $ | 152,990 | |||||||||
Energy | 52,320 | 58,820 | 105,100 | 113,740 | |||||||||||||
Aerospace & Defense | 32,800 | 23,740 | 62,340 | 44,710 | |||||||||||||
Engineered Components | 54,320 | 50,020 | 109,750 | 96,290 | |||||||||||||
Cequent APEA | 43,800 | 38,290 | 83,270 | 70,380 | |||||||||||||
Cequent Americas | 134,490 | 128,520 | 243,580 | 237,700 | |||||||||||||
Total | $ | 403,980 | $ | 378,030 | $ | 771,720 | $ | 715,810 | |||||||||
Operating Profit (Loss) | |||||||||||||||||
Packaging | $ | 20,540 | $ | 19,600 | $ | 38,900 | $ | 34,230 | |||||||||
Energy | (630 | ) | 5,210 | 1,970 | 11,080 | ||||||||||||
Aerospace & Defense | 5,290 | 5,520 | 10,470 | 9,270 | |||||||||||||
Engineered Components | 8,950 | 5,890 | 16,830 | 11,590 | |||||||||||||
Cequent APEA | 2,220 | 2,550 | 4,720 | 5,730 | |||||||||||||
Cequent Americas | 16,940 | 12,890 | 22,650 | 13,590 | |||||||||||||
Corporate expenses | (9,270 | ) | (10,020 | ) | (18,910 | ) | (20,110 | ) | |||||||||
Total | $ | 44,040 | $ | 41,640 | $ | 76,630 | $ | 65,380 | |||||||||
Equity_Awards
Equity Awards | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Equity Awards | ' | |||||||||||||
Equity Awards | ||||||||||||||
The Company maintains the following long-term equity incentive plans: the TriMas Corporation Director Retainer Share Election Program, the 2011 TriMas Corporation Omnibus Incentive Compensation Plan, the TriMas Corporation 2006 Long Term Equity Incentive Plan and the TriMas Corporation 2002 Long Term Equity Incentive Plan (collectively, the "Plans"). The 2002 Long Term Equity Incentive Plan expired in 2012, such that, while existing grants will remain outstanding until exercised, vested or cancelled, no new shares may be issued under the plan. See below for details of awards under the Plans by type. | ||||||||||||||
Stock Options | ||||||||||||||
The Company did not grant any stock options during the six months ended June 30, 2014. Information related to stock options at June 30, 2014 is as follows: | ||||||||||||||
Number of | Weighted Average Option Price | Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||
Stock Options | ||||||||||||||
Outstanding at January 1, 2014 | 342,448 | $ | 9.92 | |||||||||||
  Exercised | (73,407 | ) | 21.53 | |||||||||||
  Cancelled | — | — | ||||||||||||
  Expired | — | — | ||||||||||||
Outstanding at June 30, 2014 | 269,041 | $ | 6.75 | 4.1 | $ | 8,441,233 | ||||||||
During the six months ended June 30, 2014, 800 stock options vested, with all 269,041 outstanding options being exercisable under the Plans as of June 30, 2014. The Company did not incur significant stock-based compensation expense related to stock options during the six months ended June 30, 2014 and 2013. | ||||||||||||||
Restricted Shares | ||||||||||||||
During the six months ended June 30, 2014, the Company issued 4,225 shares related to director fee deferrals. The Company allows for its non-employee independent directors to make an annual election to defer all or a portion of their directors fees and to receive the deferred amount in cash or equity. Certain of the Company's directors have elected to defer all or a portion of their directors fees and to receive the amount in Company common stock at a future date. | ||||||||||||||
The Company also awarded multiple restricted stock grants during the first quarter of 2014. First, the Company granted 23,226 restricted shares of common stock to certain employees which are subject only to a service condition and vest ratably over three years so long as the employee remains with the Company. | ||||||||||||||
The Company awarded 40,837 restricted shares of common stock to certain employees during the first quarter of 2014. These shares are subject only to a service condition and vest on the first anniversary date of the award. The awards were made to participants in the Company's short-term incentive compensation plan ("STI"), where all STI participants whose target annual award exceeds $20 thousand receive 80% of the value in earned cash and 20% in the form of a restricted stock award upon finalization of the award amount in the first quarter each year following the previous plan year. | ||||||||||||||
The Company awarded 243,124 restricted shares of common stock to certain Company key employees during the first quarter of 2014. Half of the restricted shares granted are service-based restricted stock units. These awards vest ratably over three years. The other half of the shares are subject to a performance condition and are earned based upon the achievement of two performance metrics over a period of three calendar years, beginning on January 1, 2014 and ending on December 31, 2016. Of this award, 75% of the awards are earned based upon the Company's earnings per share ("EPS") cumulative average growth rate ("EPS CAGR") over the performance period. The remaining 25% of the grants are earned based upon the Company's three-year average return on invested capital ("ROIC"). ROIC is defined as the Company's after-tax operating profit, as publicly reported by the Company, plus or minus special items that may occur from time-to-time, divided by the Company's last five-quarter average of invested capital. Invested capital is comprised of the Company's long-term debt plus shareholders' equity plus non-controlling interest, less cash held. Depending on the performance achieved for these two metrics, the amount of shares earned can vary from 30% of the target award to a maximum amount of 200% of the target award for the ROIC metric and 250% of the target award for the EPS CAGR metric. However, if these performance metrics are not achieved, no award will be earned. The performance awards vest on a "cliff" basis at the end of the three-year performance period. | ||||||||||||||
In addition, the Company granted 20,832 restricted shares of common stock to its non-employee independent directors, which vest one year from date of grant so long as the director and/or Company does not terminate their service prior to the vesting date. | ||||||||||||||
During 2012, the Company awarded restricted shares of common stock to certain Company key employees which are performance-based grants. Of this award, 60% are earned based on 2012 EPS growth, and the remaining 40% are earned based on the EPS CAGR for 2012 and 2013. For the 60% of shares subject to the 2012 earnings per share growth metric only, the performance conditions were satisfied, resulting in an attainment level of 175% of target. This resulted in an additional 72,576 share grants during the first quarter of 2013. For the 40% of shares subject to the 2012-2013 EPS CAGR metric, the performance conditions were satisfied, resulting in an attainment level of 125% of target. This resulted in an additional 16,054 shares granted during the first quarter of 2014. | ||||||||||||||
Information related to restricted shares at June 30, 2014 is as follows: | ||||||||||||||
Number of Unvested Restricted Shares | Weighted Average Grant Date Fair Value | Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at January 1, 2014 | 654,400 | $ | 26 | |||||||||||
  Granted | 348,298 | 33.3 | ||||||||||||
  Vested | (246,543 | ) | 25.95 | |||||||||||
  Cancelled | (9,759 | ) | 27.97 | |||||||||||
Outstanding at June 30, 2014 | 746,396 | $ | 29.4 | 1.4 | $ | 28,460,079 | ||||||||
As of June 30, 2014, there was approximately $13.1 million of unrecognized compensation cost related to unvested restricted shares that is expected to be recorded over a weighted-average period of 2.2 years. | ||||||||||||||
The Company recognized approximately $2.1 million of stock-based compensation expense related to restricted shares during the three months ended June 30, 2014 and 2013, respectively, and approximately $4.4 million and $4.8 million for the six months ended June 30, 2014 and 2013, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income. |
Earnings_per_Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share | ' |
Earnings per Share | |
Net earnings are divided by the weighted average number of shares outstanding during the period to calculate basic earnings per share. Diluted earnings per share are calculated to give effect to stock options and other stock-based awards. The calculation of diluted earnings per share included 185,255 and 286,279 restricted shares for the three months ended June 30, 2014 and 2013, respectively, and 222,486 and 273,563 restricted shares for the six months ended June 30, 2014 and 2013, respectively. The calculation of diluted earnings per share also included options to purchase 144,517 and 174,843 shares of common stock for the three months ended June 30, 2014 and 2013, respectively, and 151,160 and 186,661 shares of common stock for the six months ended June 30, 2014 and 2013, respectively. |
Defined_Benefit_Plans
Defined Benefit Plans | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Defined Benefit Plans | ' | ||||||||||||||||||||||||||||||||
Defined Benefit Plans | |||||||||||||||||||||||||||||||||
Net periodic pension and postretirement benefit costs for the Company's defined benefit pension plans and postretirement benefit plans cover certain foreign employees, union hourly employees and salaried employees. The components of net periodic pension and postretirement benefit costs for the three and six months ended June 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||||
Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
Three months ended | Six months ended | Three months ended | Six months ended | ||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Service costs | $ | 190 | $ | 170 | $ | 380 | $ | 350 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Interest costs | 440 | 410 | 880 | 820 | 10 | 10 | 20 | 20 | |||||||||||||||||||||||||
Expected return on plan assets | (520 | ) | (460 | ) | (1,040 | ) | (920 | ) | — | — | — | — | |||||||||||||||||||||
Amortization of prior service cost | 10 | 10 | 10 | 10 | — | — | — | — | |||||||||||||||||||||||||
Amortization of net (gain)/loss | 280 | 320 | 560 | 640 | (30 | ) | (20 | ) | (50 | ) | (40 | ) | |||||||||||||||||||||
Net periodic benefit cost | $ | 400 | $ | 450 | $ | 790 | $ | 900 | $ | (20 | ) | $ | (10 | ) | $ | (30 | ) | $ | (20 | ) | |||||||||||||
The Company contributed approximately $0.5 million and $1.0 million to its defined benefit pension plans during the three and six months ended June 30, 2014, respectively. The Company expects to contribute approximately $2.3 million to its defined benefit pension plans for the full year 2014. |
Other_Comprehensive_Income_Not
Other Comprehensive Income (Notes) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Other Comprehensive Income [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||
17. Other Comprehensive Income | |||||||||||||||||
Changes in AOCI by component for the six months ended June 30, 2014 are summarized as follows: | |||||||||||||||||
Defined Benefit Plans | Â Derivative Instruments | Foreign Currency Translation | Total | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance, December 31, 2013 | $ | (10,840 | ) | $ | 1,060 | $ | 37,610 | $ | 27,830 | ||||||||
Net unrealized gains (losses) arising during the period | — | (300 | ) | 4,860 | 4,560 | ||||||||||||
Less: Net realized (losses) reclassified to net income (a) | (350 | ) | (80 | ) | — | (430 | ) | ||||||||||
Net current-period change | 350 | (220 | ) | 4,860 | 4,990 | ||||||||||||
Balance, June 30, 2014 | $ | (10,490 | ) | $ | 840 | $ | 42,470 | $ | 32,820 | ||||||||
__________________________ | |||||||||||||||||
(a) Defined benefit plans, net of income tax of $0.2 million. See Note 16, "Defined Benefit Plans," for additional details. Derivative instruments, net of income tax of $0.2 million. See Note 11, "Derivative Instruments," for further details. | |||||||||||||||||
Changes in AOCI by component for the six months ended June 30, 2013 are summarized as follows: | |||||||||||||||||
Defined Benefit Plans | Â Derivative Instruments | Foreign Currency Translation | Total | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance, December 31, 2012 | $ | (12,440 | ) | $ | (1,680 | ) | $ | 53,380 | $ | 39,260 | |||||||
Net unrealized gains (losses) arising during the period | 390 | 4,380 | (10,610 | ) | (5,840 | ) | |||||||||||
Less: Net realized (losses) reclassified to net income(a) | — | (370 | ) | — | (370 | ) | |||||||||||
Net current-period change | 390 | 4,750 | (10,610 | ) | (5,470 | ) | |||||||||||
Balance, June 30, 2013 | $ | (12,050 | ) | $ | 3,070 | $ | 42,770 | $ | 33,790 | ||||||||
__________________________ | |||||||||||||||||
(a) Derivative instruments, net of income tax of $0.2 million. See Note 11, "Derivative Instruments," for additional details. |
Subsequent_Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
In July 2014, the Company acquired the stock of Lion Holdings Pvt. Ltd. ("Lion Holdings") for the cash purchase price of approximately $27 million. The purchase price remains subject to the finalization of a net working capital adjustment, if any. Lion Holdings, with locations in India and Vietnam, specializes in the manufacture of highly engineered dispensing solutions and generated approximately $10 million in revenue for the twelve months ended June 30, 2014. |
Arminak_Assoicates_Tables
Arminak & Assoicates (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Redeemable Noncontrolling Interest | ' | ||||
Noncontrolling interest | |||||
(dollars in thousands) | |||||
Beginning balance, December 31, 2013 | $ | 29,480 | |||
Distributions to noncontrolling interests | (580 | ) | |||
Net income attributable to noncontrolling interests | 810 | ||||
Ending balance, March 11, 2014 | $ | 29,710 | |||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the six months ended June 30, 2014 are summarized as follows: | ||||||||||||||||||||||||||||
Packaging | Energy | Aerospace & Defense | Engineered Components | Cequent APEA | Cequent Americas | Total | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 158,060 | $ | 75,920 | $ | 61,080 | $ | 7,420 | $ | — | $ | 7,180 | $ | 309,660 | ||||||||||||||
Foreign currency translation and other | 540 | 1,340 | — | — | — | 730 | 2,610 | |||||||||||||||||||||
Balance, June 30, 2014 | $ | 158,600 | $ | 77,260 | $ | 61,080 | $ | 7,420 | $ | — | $ | 7,910 | $ | 312,270 | ||||||||||||||
Schedule of Intangible Assets (excluding Goodwill) by Major Class | ' | |||||||||||||||||||||||||||
The gross carrying amounts and accumulated amortization of the Company's other intangibles as of June 30, 2014 and December 31, 2013 are summarized below. The Company amortizes these assets over periods ranging from 1 to 30 years. | ||||||||||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||
Intangible Category by Useful Life | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||||||
   Customer relationships, 5 – 12 years | $ | 105,810 | $ | (40,730 | ) | $ | 105,090 | $ | (36,260 | ) | ||||||||||||||||||
   Customer relationships, 15 – 25 years | 154,610 | (98,310 | ) | 154,610 | (94,200 | ) | ||||||||||||||||||||||
Total customer relationships | 260,420 | (139,040 | ) | 259,700 | (130,460 | ) | ||||||||||||||||||||||
   Technology and other, 1 – 15 years | 39,060 | (30,430 | ) | 38,980 | (28,940 | ) | ||||||||||||||||||||||
   Technology and other, 17 – 30 years | 44,070 | (26,430 | ) | 43,990 | (25,310 | ) | ||||||||||||||||||||||
Total technology and other | 83,130 | (56,860 | ) | 82,970 | (54,250 | ) | ||||||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||||
 Trademark/Trade names | 62,260 | — | 61,570 | — | ||||||||||||||||||||||||
Total other intangible assets | $ | 405,810 | $ | (195,900 | ) | $ | 404,240 | $ | (184,710 | ) | ||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Amortization Expense | ' | |||||||||||||||||||||||||||
Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows: | ||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Technology and other, included in cost of sales | $ | 1,210 | $ | 1,210 | $ | 2,420 | $ | 2,410 | ||||||||||||||||||||
Customer relationships, included in selling, general and administrative expenses | 4,300 | 3,940 | 8,570 | 7,820 | ||||||||||||||||||||||||
Total amortization expense | $ | 5,510 | $ | 5,150 | $ | 10,990 | $ | 10,230 | ||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
Inventories consist of the following components: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Finished goods | $ | 156,910 | $ | 173,140 | |||||
Work in process | 32,390 | 31,880 | |||||||
Raw materials | 71,650 | 65,670 | |||||||
Total inventories | $ | 260,950 | $ | 270,690 | |||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||
Property and Equipment | ' | ||||||||||||||||
Property and equipment consists of the following components: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Land and land improvements | $ | 5,520 | $ | 5,520 | |||||||||||||
Buildings | 63,500 | 61,960 | |||||||||||||||
Machinery and equipment | 370,730 | 351,960 | |||||||||||||||
439,750 | 419,440 | ||||||||||||||||
Less: Accumulated depreciation | 227,620 | 213,290 | |||||||||||||||
Property and equipment, net | $ | 212,130 | $ | 206,150 | |||||||||||||
Depreciation Expense | ' | ||||||||||||||||
Depreciation expense as included in the accompanying consolidated statement of income is as follows: | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Depreciation expense, included in cost of sales | $ | 6,990 | $ | 6,410 | $ | 13,730 | $ | 12,470 | |||||||||
Depreciation expense, included in selling, general and administrative expense | 1,300 | 1,100 | 2,590 | 2,090 | |||||||||||||
Total depreciation expense | $ | 8,290 | $ | 7,510 | $ | 16,320 | $ | 14,560 | |||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
The Company's long-term debt consists of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Credit Agreement | $ | 272,970 | $ | 246,130 | |||||
Receivables facility and other | 95,510 | 59,610 | |||||||
368,480 | 305,740 | ||||||||
Less: Current maturities, long-term debt | 14,570 | 10,290 | |||||||
Long-term debt | $ | 353,910 | $ | 295,450 | |||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows: | ||||||||||||||||||||||||||
Asset / (Liability) Derivatives | ||||||||||||||||||||||||||
Balance Sheet Caption | June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||
Interest rate swap | Other assets | $ | 1,370 | $ | 2,080 | |||||||||||||||||||||
Interest rate swap | Accrued liabilities | (450 | ) | (360 | ) | |||||||||||||||||||||
Foreign currency forward contracts | Other assets | 400 | — | |||||||||||||||||||||||
Foreign currency forward contracts | Accrued liabilities | (100 | ) | — | ||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 1,220 | $ | 1,720 | ||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | |||||||||||||||||||||||||
six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||||||
Amount of Income Recognized | Amount of Income (Loss) Reclassified | |||||||||||||||||||||||||
in AOCI on Derivative | from AOCI into Earnings | |||||||||||||||||||||||||
(Effective Portion, net of tax) | Three months ended | Six months ended | ||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
As of | As of December 31, 2013 | Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||
Interest rate swap | $ | 570 | $ | 1,060 | Interest expense | $ | (250 | ) | $ | (310 | ) | $ | (490 | ) | $ | (320 | ) | |||||||||
Foreign currency forward contracts | $ | 270 | $ | — | Cost of sales | $ | 170 | $ | — | $ | 210 | $ | — | |||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | |||||||||||||||||||||||||
Amount of Loss Recognized in Earnings on Derivatives | ||||||||||||||||||||||||||
Location of Loss | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||
Recognized in Earnings on | ||||||||||||||||||||||||||
Derivatives | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||
Interest rate swap | Interest expense | $ | — | $ | (140 | ) | $ | — | $ | (270 | ) | |||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | ' | |||||||||||||||||||||||||
Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 are shown below.  | ||||||||||||||||||||||||||
Frequency | Asset / (Liability) | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
Interest rate swap | Recurring | $ | 920 | $ | — | $ | 920 | $ | — | |||||||||||||||||
Foreign currency forward contracts | Recurring | $ | 300 | $ | — | $ | 300 | $ | — | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
Interest rate swap | Recurring | $ | 1,720 | $ | — | $ | 1,720 | $ | — | |||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Loss Contingencies by Contingency | ' | ||||||||||||||||||||
The following chart summarizes the number of claimants, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, exclusive of amounts reimbursed under the Company's primary insurance, at the applicable date and for the applicable periods: | |||||||||||||||||||||
Claims | Claims filed | Claims | Claims | Average | Total defense | ||||||||||||||||
pending at | during | dismissed | settled | settlement | costs during | ||||||||||||||||
beginning of | period | during | during | amount per | period | ||||||||||||||||
period | period | period | claim during | ||||||||||||||||||
period | |||||||||||||||||||||
Fiscal Year Ended December 31, 2013 | 7,880 | 360 | 226 | 39 | $ | 8,294 | $ | 2,620,000 | |||||||||||||
Six Months Ended June 30, 2014 | 7,975 | 91 | 66 | 15 | $ | 5,217 | $ | 1,319,000 | |||||||||||||
Below is a breakdown of the amount sought for those claims seeking specific amounts: | |||||||||||||||||||||
Compensatory & Punitive | Compensatory Only | Punitive Only | |||||||||||||||||||
Range of damages sought (in millions) | $0.0 to $5.0 | $5.0 to $10.0 | $10.0+ | $0.0 to $0.6 | $0.6 to $5.0 | $5.0+ | $0.0 to $2.5 | $2.5 to $5.0 | $5.0+ | ||||||||||||
Number of claims | 76 | 15 | 13 | 28 | 56 | 20 | 95 | 8 | 1 |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||
Segment activity is as follows: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Net Sales | |||||||||||||||||
Packaging | $ | 86,250 | $ | 78,640 | $ | 167,680 | $ | 152,990 | |||||||||
Energy | 52,320 | 58,820 | 105,100 | 113,740 | |||||||||||||
Aerospace & Defense | 32,800 | 23,740 | 62,340 | 44,710 | |||||||||||||
Engineered Components | 54,320 | 50,020 | 109,750 | 96,290 | |||||||||||||
Cequent APEA | 43,800 | 38,290 | 83,270 | 70,380 | |||||||||||||
Cequent Americas | 134,490 | 128,520 | 243,580 | 237,700 | |||||||||||||
Total | $ | 403,980 | $ | 378,030 | $ | 771,720 | $ | 715,810 | |||||||||
Operating Profit (Loss) | |||||||||||||||||
Packaging | $ | 20,540 | $ | 19,600 | $ | 38,900 | $ | 34,230 | |||||||||
Energy | (630 | ) | 5,210 | 1,970 | 11,080 | ||||||||||||
Aerospace & Defense | 5,290 | 5,520 | 10,470 | 9,270 | |||||||||||||
Engineered Components | 8,950 | 5,890 | 16,830 | 11,590 | |||||||||||||
Cequent APEA | 2,220 | 2,550 | 4,720 | 5,730 | |||||||||||||
Cequent Americas | 16,940 | 12,890 | 22,650 | 13,590 | |||||||||||||
Corporate expenses | (9,270 | ) | (10,020 | ) | (18,910 | ) | (20,110 | ) | |||||||||
Total | $ | 44,040 | $ | 41,640 | $ | 76,630 | $ | 65,380 | |||||||||
Equity_Awards_Tables
Equity Awards (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||
Information related to stock options at June 30, 2014 is as follows: | ||||||||||||||
Number of | Weighted Average Option Price | Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||
Stock Options | ||||||||||||||
Outstanding at January 1, 2014 | 342,448 | $ | 9.92 | |||||||||||
  Exercised | (73,407 | ) | 21.53 | |||||||||||
  Cancelled | — | — | ||||||||||||
  Expired | — | — | ||||||||||||
Outstanding at June 30, 2014 | 269,041 | $ | 6.75 | 4.1 | $ | 8,441,233 | ||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | |||||||||||||
Information related to restricted shares at June 30, 2014 is as follows: | ||||||||||||||
Number of Unvested Restricted Shares | Weighted Average Grant Date Fair Value | Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at January 1, 2014 | 654,400 | $ | 26 | |||||||||||
  Granted | 348,298 | 33.3 | ||||||||||||
  Vested | (246,543 | ) | 25.95 | |||||||||||
  Cancelled | (9,759 | ) | 27.97 | |||||||||||
Outstanding at June 30, 2014 | 746,396 | $ | 29.4 | 1.4 | $ | 28,460,079 | ||||||||
Defined_Benefit_Plans_Tables
Defined Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Costs of Retirement Plans | ' | ||||||||||||||||||||||||||||||||
The components of net periodic pension and postretirement benefit costs for the three and six months ended June 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||||
Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
Three months ended | Six months ended | Three months ended | Six months ended | ||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Service costs | $ | 190 | $ | 170 | $ | 380 | $ | 350 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Interest costs | 440 | 410 | 880 | 820 | 10 | 10 | 20 | 20 | |||||||||||||||||||||||||
Expected return on plan assets | (520 | ) | (460 | ) | (1,040 | ) | (920 | ) | — | — | — | — | |||||||||||||||||||||
Amortization of prior service cost | 10 | 10 | 10 | 10 | — | — | — | — | |||||||||||||||||||||||||
Amortization of net (gain)/loss | 280 | 320 | 560 | 640 | (30 | ) | (20 | ) | (50 | ) | (40 | ) | |||||||||||||||||||||
Net periodic benefit cost | $ | 400 | $ | 450 | $ | 790 | $ | 900 | $ | (20 | ) | $ | (10 | ) | $ | (30 | ) | $ | (20 | ) | |||||||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | |||||||||||||||||||||||||||||||||
Other Comprehensive Income [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
Changes in AOCI by component for the six months ended June 30, 2014 are summarized as follows: | Changes in AOCI by component for the six months ended June 30, 2013 are summarized as follows: | |||||||||||||||||||||||||||||||||
Defined Benefit Plans | Â Derivative Instruments | Foreign Currency Translation | Total | Defined Benefit Plans | Â Derivative Instruments | Foreign Currency Translation | Total | |||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | (10,840 | ) | $ | 1,060 | $ | 37,610 | $ | 27,830 | Balance, December 31, 2012 | $ | (12,440 | ) | $ | (1,680 | ) | $ | 53,380 | $ | 39,260 | ||||||||||||||
Net unrealized gains (losses) arising during the period | — | (300 | ) | 4,860 | 4,560 | Net unrealized gains (losses) arising during the period | 390 | 4,380 | (10,610 | ) | (5,840 | ) | ||||||||||||||||||||||
Less: Net realized (losses) reclassified to net income (a) | (350 | ) | (80 | ) | — | (430 | ) | Less: Net realized (losses) reclassified to net income(a) | — | (370 | ) | — | (370 | ) | ||||||||||||||||||||
Net current-period change | 350 | (220 | ) | 4,860 | 4,990 | Net current-period change | 390 | 4,750 | (10,610 | ) | (5,470 | ) | ||||||||||||||||||||||
Balance, June 30, 2014 | $ | (10,490 | ) | $ | 840 | $ | 42,470 | $ | 32,820 | Balance, June 30, 2013 | $ | (12,050 | ) | $ | 3,070 | $ | 42,770 | $ | 33,790 | |||||||||||||||
__________________________ | __________________________ | |||||||||||||||||||||||||||||||||
(a) Defined benefit plans, net of income tax of $0.2 million. See Note 16, "Defined Benefit Plans," for additional details. Derivative instruments, net of income tax of $0.2 million. See Note 11, "Derivative Instruments," for further details. | (a) Derivative instruments, net of income tax of $0.2 million. See Note 11, "Derivative Instruments," for additional details. |
Facility_Closure_Narrative_Det
Facility Closure - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 18 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2014 |
Facility Closing Goshen [Member] | Facility Closing Goshen [Member] | Facility Closing Goshen [Member] | Facility Closing Goshen [Member] | Facility Closing Goshen [Member] | Facility Closing Goshen [Member] | Facility Closing Sao Paulo, Brazil [Member] | Cost of Sales [Member] | Cost of Sales [Member] | |
employees | employees | Facility Closing Goshen [Member] | Facility Closing Sao Paulo, Brazil [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Expected Number of Positions Eliminated | ' | 350 | ' | ' | ' | ' | 60 | ' | ' |
Severance Costs | ' | ' | $1.20 | ' | $4 | ' | ' | $3.80 | $0.50 |
Payments for Postemployment Benefits | ' | ' | ' | ' | ' | 5.2 | ' | ' | ' |
Restructuring and Related Cost, Accelerated Depreciation | $0.40 | ' | ' | $0.70 | ' | ' | ' | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (Precision Tool Cutting and Specialty Fittings Line of Business [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 |
Precision Tool Cutting and Specialty Fittings Line of Business [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | $2.50 |
Proceeds from Divestiture of Businesses | 1 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $1.30 |
Acquisitions_Other_Acquisition
Acquisitions - Other Acquisitions (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 |
Series of Individually Immaterial Business Acquisitions [Member] | Business Acquisition, Martinic [Member] | Business Acquisition, Wulfrun [Member] | Business Acquisiton, Witter [Domain] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | $0 | $46,610 | $47,000 | ' | ' | ' |
Net sales | $403,980 | $378,030 | $771,720 | $715,810 | ' | $13,000 | $10,000 | $20,000 |
Arminak_Associates_Details
Arminak & Associates (Details) (USD $) | 6 Months Ended | 3 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 11, 2014 | Feb. 23, 2012 | Jun. 30, 2014 | |
Business Acquisition, Arminak & Associates [Member] | Business Acquisition, Arminak & Associates [Member] | Business Acquisition, Arminak & Associates [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Business Acquisition, Arminak & Associates [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of voting interests acquired | ' | ' | ' | ' | 70.00% | ' |
Purchase price | ' | ' | ' | ' | $67,700,000 | ' |
Ownership percentage by noncontrolling owners | ' | ' | ' | 30.00% | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 46,610,000 | 51,000,000 | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | ' | ' | 7,000,000 | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | ' | ' | ' | ' | ' | $3,100,000 |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interest (Details) (USD $) | 2 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 11, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | ($580) | ' | ' | ' | ' | ' |
Net income attributable to redeemable noncontrolling interests | 810 | 0 | 910 | 810 | 1,770 | ' |
Redeemable noncontrolling interest, ending balance | $29,710 | $0 | ' | $0 | ' | $29,480 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill [Roll Forward] | ' |
Balance, beginning | $309,660 |
Translation and purchase accounting adjustments | 2,610 |
Balance, ending | 312,270 |
Packaging [Member] | ' |
Goodwill [Roll Forward] | ' |
Balance, beginning | 158,060 |
Translation and purchase accounting adjustments | 540 |
Balance, ending | 158,600 |
Energy [Member] | ' |
Goodwill [Roll Forward] | ' |
Balance, beginning | 75,920 |
Translation and purchase accounting adjustments | 1,340 |
Balance, ending | 77,260 |
Aerospace & Defense [Member] | ' |
Goodwill [Roll Forward] | ' |
Balance, beginning | 61,080 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 61,080 |
Engineered Components [Member] | ' |
Goodwill [Roll Forward] | ' |
Balance, beginning | 7,420 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 7,420 |
Cequent Asia Pacific Europe Africa [Member] | ' |
Goodwill [Roll Forward] | ' |
Balance, beginning | 0 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 0 |
Cequent Americas [Member] | ' |
Goodwill [Roll Forward] | ' |
Balance, beginning | 7,180 |
Translation and purchase accounting adjustments | 730 |
Balance, ending | $7,910 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Trademarks and Trade Names [Member] | Trademarks and Trade Names [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Technology and Other [Member] | Technology and Other [Member] | Useful Life Five to Twelve Years [Member] | Useful Life Five to Twelve Years [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Useful Life One to Fifteen Years [Member] | Useful Life One to Fifteen Years [Member] | Useful Life Seventeen to Thirty Years [Member] | Useful Life Seventeen to Thirty Years [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Technology and Other [Member] | Technology and Other [Member] | Technology and Other [Member] | Technology and Other [Member] | Useful Life Five to Twelve Years [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Useful Life One to Fifteen Years [Member] | Useful Life Seventeen to Thirty Years [Member] | Useful Life Five to Twelve Years [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Useful Life One to Fifteen Years [Member] | Useful Life Seventeen to Thirty Years [Member] | |||||||||||
Customer Relationships [Member] | Customer Relationships [Member] | Technology and Other [Member] | Technology and Other [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Technology and Other [Member] | Technology and Other [Member] | |||||||||||||||||||
Intangible Assets, excluding Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '5 years | '15 years | '1 year | '17 years | '30 years | '12 years | '25 years | '15 years | '30 years |
Finite-lived intangible assets, gross carrying amount | ' | ' | ' | ' | $260,420 | $259,700 | $83,130 | $82,970 | $105,810 | $105,090 | $154,610 | $154,610 | $39,060 | $38,980 | $44,070 | $43,990 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived intangible assets, accumulated amortization | -195,900 | -184,710 | ' | ' | -139,040 | -130,460 | -56,860 | -54,250 | -40,730 | -36,260 | -98,310 | -94,200 | -30,430 | -28,940 | -26,430 | -25,310 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Gross (Excluding Goodwill) | 405,810 | 404,240 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-lived intangible assets, gross carrying amount | ' | ' | $62,260 | $61,570 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Amortization of Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of intangible assets | $5,510 | $5,150 | $10,990 | $10,230 |
Cost of Sales [Member] | Technology and Other [Member] | ' | ' | ' | ' |
Amortization of Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of intangible assets | 1,210 | 1,210 | 2,420 | 2,410 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | ' | ' | ' | ' |
Amortization of Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of intangible assets | $4,300 | $3,940 | $8,570 | $7,820 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $156,910 | $173,140 |
Work in process | 32,390 | 31,880 |
Raw materials | 71,650 | 65,670 |
Total inventories | $260,950 | $270,690 |
Property_and_Equipment_Net_Pro
Property and Equipment, Net - Property and Equipment Table (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $439,750 | $419,440 |
Less: Accumulated depreciation | 227,620 | 213,290 |
Property and equipment, net | 212,130 | 206,150 |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 5,520 | 5,520 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 63,500 | 61,960 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $370,730 | $351,960 |
Property_and_Equipment_Net_Dep
Property and Equipment, Net - Depreciation Expense Table (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2012 |
Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | |||
Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | |||||||
Depreciation Expense [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | $16,320 | $14,560 | $8,290 | $7,510 | $16,320 | $14,560 | $6,990 | $6,410 | $13,730 | $12,470 | $1,300 | $1,100 | $2,590 | $2,090 |
Longterm_Debt_Debt_Table_Detai
Long-term Debt - Debt Table (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Debt | $368,480 | $305,740 |
Current maturities, debt | 14,570 | 10,290 |
Long-term debt | 353,910 | 295,450 |
Credit Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 272,970 | 246,130 |
Receivables Facility and other [Member] [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | $95,510 | $59,610 |
Longterm_Debt_US_Bank_Debt_Det
Long-term Debt - U.S. Bank Debt (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Net leverage ratio | 2.5 | ' |
U.S. bank debt and receivables facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Amount | $356.40 | $360.30 |
Revolving credit and term loan facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Incremental debt commitments capacity | 300 | ' |
Senior Secured Term Loan A [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ' |
Debt Instrument, Face Amount | 175 | ' |
Revolving credit facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving Credit Facility, Maximum Borrowing Capacity | 575 | ' |
Revolving Credit Facility, Capacity Available for Foreign Revolver Loans | 75 | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ' |
Revolving Credit Facility, Amount Outstanding | 102.3 | 71.1 |
Revolving Credit Facility, Remaining Borrowing Capacity | 448.6 | 479.8 |
Letters of credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Letters of Credit, Maximum Borrowing Capacity | 75 | ' |
Letters of Credit Outstanding, Amount | $24.10 | $24.10 |
Fair Value, Inputs, Level 2 [Member] | Senior Secured Term Loan A [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Fair Value, % of par value | 99.60% | 99.80% |
Longterm_Debt_Receivables_Faci
Long-term Debt - Receivables Facility (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Receivables Facility [Member] | Receivables Facility [Member] | Receivables Facility [Member] | Receivables Facility [Member] | Receivables Facility [Member] | Minimum [Member] | Maximum [Member] | Overdraft Facility [Member] | |
Receivables Facility [Member] | Receivables Facility [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | $88.90 | ' | $88.90 | ' | $57 | ' | ' | ' |
Secured debt, Maximum Borrowing Capacity | 105 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 1.15% | 1.20% | ' | 1.20% | 1.35% | ' |
Receivables facility debt available but not utilized | ' | 7.6 | ' | 7.6 | ' | 20.2 | ' | ' | ' |
Receivables facililty, debt aggregate costs | ' | $0.30 | $0.40 | $0.60 | $0.70 | ' | ' | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Fee percentage | ' | ' | ' | 0.35% | 0.40% | ' | ' | ' | ' |
Short-term Debt, Percentage Bearing Variable Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% |
Average liquidation period, Receivables pool | ' | '1 month 21 days | ' | ' | ' | ' | ' | ' | ' |
Average discount rate, Receivables facility | ' | 1.60% | ' | 1.60% | ' | ' | ' | ' | ' |
Longterm_Debt_NonUS_Bank_Debt_
Long-term Debt - Non-U.S. Bank Debt (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Foreign Debt [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Foreign Debt, Amount Outstanding | $5.20 | $0.70 |
Foreign Debt, Percentage Average Interest Rate | 4.60% | 4.60% |
Uncommitted Working Capital Facility [Domain] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Foreign Debt, Amount Outstanding | 12.5 | ' |
Foreign Debt, Percentage Average Interest Rate | 2.75% | ' |
Overdraft Facility [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Foreign Debt, Amount Outstanding | $1 | ' |
Foreign Debt, Percentage Average Interest Rate | 0.75% | ' |
Derivative_Instruments_Derivat
Derivative Instruments - Derivative Narrative (Details) (Cash Flow Hedging [Member], USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Foreign Exchange Contract [Member] | March 2015 Maturity [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Notional Amount | $18.60 |
Senior Secured Term Loan A [Member] | Interest Rate Swap [Member] | October 2017 Maturity [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Notional Amount | $175 |
Derivative, Fixed Interest Rate | 0.74% |
Derivative_Instruments_Designa
Derivative Instruments - Designated as hedging, Financial Position (Details) (Designated as Hedging Instrument [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | $1,220 | $1,720 |
Interest Rate Swap [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 1,370 | 2,080 |
Interest Rate Swap [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | -450 | -360 |
Foreign Exchange Contract [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 400 | 0 |
Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | ($100) | $0 |
Derivative_Instruments_Designa1
Derivative Instruments - Designated as hedging, Financial Performance (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | ||||
Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | |||||
Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $840 | $1,060 | $3,070 | ($1,680) | $570 | $1,060 | ' | ' | ' | ' | $270 | $0 | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | ' | ' | ' | ' | ' | ($250) | ($310) | ($490) | ($320) | ' | ' | $170 | $0 | $210 | $0 |
Derivative_Instruments_Designa2
Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) (Designated as Hedging Instrument [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Gain (Loss) Reclassification from AOCI into Earnings, Estimate of Time to Transfer | '12 months |
Interest Expense [Member] | Interest Rate Swap [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Amount of gain (loss) expected to be reclassified from AOCI into Earnings | 0.5 |
Cost of Sales [Member] | Foreign Exchange Contract [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Amount of gain (loss) expected to be reclassified from AOCI into Earnings | 0.3 |
Derivative_Instruments_Not_des
Derivative Instruments - Not designated as hedging, Financial Performance(Details) (Interest Rate Swap [Member], Not Designated as Hedging Instrument [Member], Interest Expense [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Interest Expense [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Loss Recognized in Income | $0 | ($140) | $0 | ($270) |
Derivative_Instruments_Fair_Va
Derivative Instruments - Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets | $920 | $1,720 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets | 920 | 1,720 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Foreign Exchange Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets | 300 | ' |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets | 0 | ' |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets | 300 | ' |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets | $0 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Asbestos Narrative (Details) (USD $) | 6 Months Ended | 282 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Minimum [Member] | Maximum [Member] | Asbestos [Member] | Asbestos [Member] | |
Pending Litigation [Member] | ||||
claimants | ||||
cases | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Number of pending cases | ' | ' | ' | 1,087 |
Number of pending claims | ' | ' | ' | 7,985 |
Number of pending claims seeking specific amounts of damages | ' | ' | ' | 104 |
Total settlement costs | ' | ' | $6.70 | ' |
Percentage of settlement and defense costs covered by insurance | ' | ' | 40.00% | ' |
Estimated Time until Primary Insurance is Exhausted | '1 year | '2 years | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Asbestos Claimant and Settlement (Details) (Asbestos [Member], USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
claimants | claimants | |
Asbestos [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Number of pending claims at the beginning of period | 7,975 | 7,880 |
Loss Contingency, New Claims Filed, Number | 91 | 360 |
Number of pending claims dismissed during period | 66 | 226 |
Number of pending claims settled during period | 15 | 39 |
Average settlement amount per claim during period | $5,217 | $8,294 |
Total defense costs during period | $1,319,000 | $2,620,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Asbestos Damages Sought (Details) (Asbestos [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Compensatory and Punitive Damages [Member] | Range 1 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | $0 |
Compensatory and Punitive Damages [Member] | Range 1 [Member] | Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 5 |
Compensatory and Punitive Damages [Member] | Range 2 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 5 |
Compensatory and Punitive Damages [Member] | Range 2 [Member] | Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 10 |
Compensatory and Punitive Damages [Member] | Range 3 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 10 |
Compensatory Only Damages [Member] | Range 1 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 0 |
Compensatory Only Damages [Member] | Range 1 [Member] | Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 0.6 |
Compensatory Only Damages [Member] | Range 2 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 0.6 |
Compensatory Only Damages [Member] | Range 2 [Member] | Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 5 |
Compensatory Only Damages [Member] | Range 3 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 5 |
Punitive Only Damages [Member] | Range 1 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 0 |
Punitive Only Damages [Member] | Range 1 [Member] | Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 2.5 |
Punitive Only Damages [Member] | Range 2 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 2.5 |
Punitive Only Damages [Member] | Range 2 [Member] | Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 5 |
Punitive Only Damages [Member] | Range 3 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | $5 |
Pending Litigation [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 104 |
Pending Litigation [Member] | Compensatory and Punitive Damages [Member] | Range 1 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 76 |
Pending Litigation [Member] | Compensatory and Punitive Damages [Member] | Range 2 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 15 |
Pending Litigation [Member] | Compensatory and Punitive Damages [Member] | Range 3 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 13 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 1 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 28 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 2 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 56 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 3 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 20 |
Pending Litigation [Member] | Punitive Only Damages [Member] | Range 1 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 95 |
Pending Litigation [Member] | Punitive Only Damages [Member] | Range 2 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 8 |
Pending Litigation [Member] | Punitive Only Damages [Member] | Range 3 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 1 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $403,980 | $378,030 | $771,720 | $715,810 |
Operating profit (loss) | 44,040 | 41,640 | 76,630 | 65,380 |
Packaging [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 86,250 | 78,640 | 167,680 | 152,990 |
Operating profit (loss) | 20,540 | 19,600 | 38,900 | 34,230 |
Energy [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 52,320 | 58,820 | 105,100 | 113,740 |
Operating profit (loss) | -630 | 5,210 | 1,970 | 11,080 |
Aerospace & Defense [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 32,800 | 23,740 | 62,340 | 44,710 |
Operating profit (loss) | 5,290 | 5,520 | 10,470 | 9,270 |
Engineered Components [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 54,320 | 50,020 | 109,750 | 96,290 |
Operating profit (loss) | 8,950 | 5,890 | 16,830 | 11,590 |
Cequent Asia Pacific Europe Africa [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 43,800 | 38,290 | 83,270 | 70,380 |
Operating profit (loss) | 2,220 | 2,550 | 4,720 | 5,730 |
Cequent Americas [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 134,490 | 128,520 | 243,580 | 237,700 |
Operating profit (loss) | 16,940 | 12,890 | 22,650 | 13,590 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating profit (loss) | ($9,270) | ($10,020) | ($18,910) | ($20,110) |
Equity_Awards_Stock_Option_Act
Equity Awards - Stock Option Activity Table (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Number of Options Outstanding, beginning balance | 342,448 |
Number of Options Exercised | -73,407 |
Number of Options Cancelled | 0 |
Number of Options Expired | 0 |
Number of Options Outstanding, ending balance | 269,041 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Options Outstanding, Weighted Average Price, beginning | $9.92 |
Options Exercised, Weighted Average Price | $21.53 |
Options Cancelled, Weighted Average Price | $0 |
Options Expired, Weighted Average Price | $0 |
Options Outstanding, Weighted Average Price, ending | $6.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | ' |
Options Average Remaining Contractual Life (Years) | '4 years 1 month |
Options Aggregate Intrinsic Value | $8,441,233 |
Equity_Awards_Stock_Options_Na
Equity Awards - Stock Options Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options granted | ' | ' | 0 | ' |
Exercisable stock options | 269,041 | ' | 269,041 | ' |
Stock Options Vested | ' | ' | 800 | ' |
Stock-based compensation expense | ' | ' | $0 | $0 |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $2,100,000 | $2,100,000 | $4,400,000 | $4,800,000 |
Equity_Awards_Restricted_Share
Equity Awards - Restricted Shares Activity Table (Details) (Restricted Shares [Member], USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Number of Unvested Restricted Shares Outstanding, beginning balance | 654,400 |
Number of Unvested Restricted Shares Granted | 348,298 |
Number of Unvested Restricted Shares Vested | -246,543 |
Number of Unvested Restricted Shares Cancelled | -9,759 |
Number of Unvested Restricted Shares Outstanding, ending balance | 746,396 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Unvested Restricted Shares Outstanding, Weighted Average Grant Date Fair Value, beginning | $26 |
Unvested Restricted Shares Granted, Weighted Average Grant Date Fair Value | $33.30 |
Unvested Restricted Shares Vested, Weighted Average Grant Date Fair Value | $25.95 |
Unvested Restricted Shares Cancelled, Weighted Average Grant Date Fair Value | $27.97 |
Unvested Restricted Shares Outstanding, Weighted Average Grant Date Fair Value, ending | $29.40 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures | ' |
Restricted Shares Average Remaining Contractual Life (Years) | '1 year 5 months |
Restricted Shares Aggregate Intrinsic Value | $28,460,079 |
Equity_Awards_Restricted_Share1
Equity Awards - Restricted Shares Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Plan 1 [Member] | Plan 2 [Member] | Plan 3 [Member] | Plan 3 [Member] | Plan 3 [Member] | Plan 3 [Member] | Plan 5 [Member] | Plan 5 [Member] | Minimum [Member] | 3 year EPS CAGR metric [Member] | 3 year EPS CAGR metric [Member] | 3 year EPS CAGR metric [Member] | 3 year ROIC metric [Member] [Member] | 3 year ROIC metric [Member] [Member] | 3 year ROIC metric [Member] [Member] | 2012 EPS growth metric [Member] | 2012 EPS growth metric [Member] | 2012 & 2013 EPS CAGR metric [Member] | 2012 & 2013 EPS CAGR metric [Member] | |
Non-employee independent director [Member] | Service-based restriced shares [Member] | Service-based restriced shares [Member] | number | Restricted Shares [Member] | Service-based restriced shares [Member] | Performance-based restriced shares [Member] | Service-based restriced shares [Member] | Service-based restriced shares [Member] | Plan 2 [Member] | Plan 3 [Member] | Minimum [Member] | Maximum [Member] | Plan 3 [Member] | Minimum [Member] | Maximum [Member] | Plan 4 [Member] | Plan 4 [Member] | Plan 4 [Member] | Plan 4 [Member] | |||||
Deferred Compensation, Share-based Payments [Member] | Non-employee independent director [Member] | Service-based restriced shares [Member] | Performance-based restriced shares [Member] | Plan 3 [Member] | Plan 3 [Member] | Performance-based restriced shares [Member] | Plan 3 [Member] | Plan 3 [Member] | Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | ||||||||||||
Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares issued related to director fee deferrals | ' | ' | ' | ' | 4,225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Unvested Restricted Shares Granted | ' | ' | 348,298 | ' | ' | 23,226 | 40,837 | ' | 243,124 | 121,562,000 | 121,562,000 | ' | 20,832 | ' | ' | ' | ' | ' | ' | ' | 72,576 | ' | 16,054 | ' |
Award requisite service period | ' | ' | ' | ' | ' | '3 years | '1 year | ' | ' | '3 years | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ICP, Threshold target for granting stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash value of incentive plan | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restriced shares value of incentive plan | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award percentage earned based on metric over the performance period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | 25.00% | ' | ' | 60.00% | 60.00% | 40.00% | 40.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175.00% | ' | 125.00% | ' |
Number of performance metrics in restricted shares award type plan | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of shares earned % of target award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | 250.00% | ' | 30.00% | 200.00% | ' | ' | ' | ' |
Unrecognized unvested restricted shares-based compensation expense | 13,100,000 | ' | 13,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense | ' | ' | '2 years 2 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares-based compensation expense | $2,100,000 | $2,100,000 | $4,400,000 | $4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_per_Share_Details
Earnings per Share (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Restricted Shares [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Incremental common shares attributable to share-based payment arrangements | 185,255 | 286,279 | 222,486 | 273,563 |
Stock Options [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Incremental common shares attributable to share-based payment arrangements | 144,517 | 174,843 | 151,160 | 186,661 |
Defined_Benefit_Plans_Net_Peri
Defined Benefit Plans - Net Periodic Pension and Postretirement Benefit Costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service costs | $190 | $170 | $380 | $350 |
Interest costs | 440 | 410 | 880 | 820 |
Expected return on plan assets | -520 | -460 | -1,040 | -920 |
Amortization of prior service cost | 10 | 10 | 10 | 10 |
Amortization of net (gain)/loss | 280 | 320 | 560 | 640 |
Net periodic benefit cost | 400 | 450 | 790 | 900 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service costs | 0 | 0 | 0 | 0 |
Interest costs | 10 | 10 | 20 | 20 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of net (gain)/loss | -30 | -20 | -50 | -40 |
Net periodic benefit cost | ($20) | ($10) | ($30) | ($20) |
Defined_Benefit_Plans_Defined_
Defined Benefit Plans - Defined Benefit Plans Narrative (Details) (Pension Plans, Defined Benefit [Member], USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | ' | $2.30 |
Defined Benefit Plan, Contributions by Employer | $0.50 | $1 |
Other_Comprehensive_Income_Det
Other Comprehensive Income - (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | ' | ' | ' | ' |
Beginning Balance Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | ' | ' | ($10,840,000) | ($12,440,000) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | ' | ' | 0 | 390,000 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | ' | ' | -350,000 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | ' | 350,000 | 390,000 |
Ending Balance Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -10,490,000 | -12,050,000 | -10,490,000 | -12,050,000 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ' | ' | ' | ' |
Beginning Balance Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | ' | ' | 1,060,000 | -1,680,000 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | ' | ' | -300,000 | 4,380,000 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | ' | ' | -80,000 | -370,000 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -530,000 | 4,070,000 | -220,000 | 4,750,000 |
Ending Balance Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 840,000 | 3,070,000 | 840,000 | 3,070,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ' | ' | ' | ' |
Beginning Balance Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ' | ' | 37,610,000 | 53,380,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | ' | ' | 4,860,000 | -10,610,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | ' | ' | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 2,980,000 | -8,470,000 | 4,860,000 | -10,610,000 |
Ending Balance Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 42,470,000 | 42,770,000 | 42,470,000 | 42,770,000 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | 27,830,000 | 39,260,000 |
Other Comprehensive Income (Loss), Net Unrealized Gains (Losses) Arising During the Period, Net of Tax | ' | ' | 4,560,000 | -5,840,000 |
Other Comprehensive income, Net Realized Gains (Losses) to Net Income | ' | ' | -430,000 | -370,000 |
Total other comprehensive income (loss) | 2,620,000 | -4,210,000 | 4,990,000 | -5,470,000 |
Ending Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | 32,820,000 | 33,790,000 | 32,820,000 | 33,790,000 |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | ' | ' | 200,000 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | ' | ' | $200,000 | $200,000 |
Subsequent_Event_Subsequent_Ev
Subsequent Event Subsequent Event (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
Business Acquisition, Lion Holdings [Member] | Business Acquisition, Lion Holdings [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | $27,000,000 | ' |
Net sales | $403,980,000 | $378,030,000 | $771,720,000 | $715,810,000 | ' | $10,000,000 |